TVS stock of Thien Viet Securities Joint Stock Company has seen two consecutive sessions of ceiling gains. Closing today, the stock reached 14,750 VND per unit, its highest level since early March.

Trading volume reached over 8.4 billion VND, nearly doubling the previous session. Approximately 570,500 shares were traded, 2.9 times higher than the one-year average. By the end of the session, TVS still had a buy order surplus of 545,200 units at the ceiling price.

Investors monitor TVS stock performance during the 24/6 session, with the Momo logo visible in the background. Photo: Tat Dat

This positive development follows a report by DealStreetAsia that Online Mobile Services Joint Stock Company, the operator of the Momo e-wallet, is offering to sell approximately 50% of its shares. Currently, 5 investors are reportedly conducting due diligence on the deal, including two major names: Blackstone, the world's largest alternative asset management firm, and Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group.

In its latest financial report, Thien Viet Securities disclosed an investment of over 27.8 billion VND in Momo, calculated at cost. As an unlisted stock, the market value of this investment has not yet been determined.

TVS invested in Momo in 2007, becoming one of its earliest investors, holding 918,414 shares, equivalent to nearly 6% of the capital. Based on the average price, they purchased each share for over 30,300 VND. TVS previously stated that it invested due to the company's potential, as Momo was Vietnam's first mobile payment platform.

By the end of 2021, during its fifth funding round (Series E), Momo achieved unicorn status with a valuation of approximately 2.3 billion USD. Based on a valuation from nearly 5 years ago alone, TVS's investment had multiplied by nearly 128 times its initial value.

Momo has evolved from an e-wallet into a comprehensive digital finance platform, expanding into various sectors including peer-to-peer money transfers, omnichannel commerce, credit technology, insurance, and asset management. The platform currently serves over 30 million users, collaborates with 50,000 partners, more than 70 banks and financial institutions, and boasts a network of over 300,000 payment acceptance points nationwide.

Established in 2006, TVS primarily operates in securities brokerage and services, while also engaging in financial services such as investment banking and asset management. The company has also invested in various businesses, including the Finhay investment platform, Galaxy Cinema movie theater chain, Pizza 4P's chain, Parkway dental chain, and Dat Bike electric motorcycle manufacturer.

Last year, TVS reported revenue of approximately 1,042 billion VND, a 10% decrease, but after-tax profit slightly increased by 2% to about 287 billion VND. This year, the company plans to achieve 340 billion VND in after-tax profit, with stock investment and fund management being the main drivers.

Tat Dat